On Fridays I review my financial information for the week, the good, the bad and the ugly.
One of the expense items I notice is that I am offering a 401k pension plan to my team but very few are choosing to use it. Hmnn, what would my team prefer? So next week we will meet and discuss. Maybe its health insurance? I know in the past, team members have asked to be re-imbursed for classes they would like to take. Cell phones are another good one. Perhaps a gas stipend now that gas prices have risen so sharply?
Remember, these are ALL tax deductions for the business.
I feel that as business owners we offer our team what we think they need rather than asking what they value (and want). Given the competitive job market we find ourselves in, I want to offer every possible incentive to my A Players to be sure that they remain committed and stay with us.
What tax deductible incentives are you offering your team members in this competitive market place? Not all incentives are created equal so we want to be careful to choose offers that benefit both our business and our team.
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